No Result
View All Result
Sunday, June 4, 2023
25 °c
Tripoli
26 ° Mon
22 ° Tue
22 ° Wed
23 ° Thu
  • Advertising
  • Contact
LibyaHerald
 
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Libya

CBL sacks Libyan Foreign Bank GM and board of directors, who refuse to abide by decision

bySami Zaptia
August 17, 2018
Reading Time: 2 mins read
A A
CBL sacks Libyan Foreign Bank GM and board of directors, who refuse to abide by decision

(Photo: LFB).

25
SHARES
107
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

(Photo: LFB).
(Photo: LFB).

London, 17 August 2018:

The Tripoli-based Central Bank of Libya (CBL), headed by Saddek Elkaber, sacked the General Manager of the Libyan Foreign Bank (LFB), Mohamed Ben Yousef, and all his board of directors on Monday. The CBL also referred them for investigation.

The LFB is a wholly-owned subsidiary of the CBL. The LFB used to be known as the Libyan Arab Foreign Bank and reports issued capital of US$ 8.7 bn and paid-up capital of US$ 3 bn.

While the CBL has made official statement on the matter, social and conventional media put the sacking down to a reported loss by the LFB put in the hundreds of millions of dollars

RELATED POSTS

LIA local investments to be activated within legal process

CBL receives results from meetings with international banks

Indeed, the much publicised yet officially unconfirmed move was only confirmed on Wednesday when the LFB itself issued a statement.

In this statement, the LFB condemned the Tripoli-CBL action and announced that it would refuse to abide by it. It claimed that the action was unjust and illegal. The statement assured that the General Manager, the board and all the executive would continue in their work as usual.

The statement welcomed the support from its loyal staff who condemned the move and their letters to the Attorney General, Audit Bureau and House of Representatives.

The LFB statement said it was surprised by and condemned the decision in view of the fact that all its transactions are subject to continuous oversight by the Audit Bureau, and in view of being in a strong financial position and being one of the few Libyan institutions to make a profit.

With regards to the alleged losses that the LFB made and which led to the sacking of its General Manager and its board, the LFB said that these were estimated and not actual losses and that in the meantime it has recouped some profits since those estimates.

It is worth bearing in mind that there are other unsubstantiated allegations of either fraud or mismanagement by the LFB that have been reported by Libyan social and conventional media.

The incident does, however, highlight yet again the disputed legality and legitimacy and weakness of the Libyan state and its institutions post the 2011 revolution.

 

 

 

Libyan Foreign Bank gathers subsidiaries for first strategy seminar

 

Libyan Foreign Bank in compliance with US Foreign Account Tax Compliance Act (FATCA)

 

Libyan Foreign Bank Deputy GM Omar Hajaji released: shot in leg, leaves country

 

Libyan Foreign bank signs MoU with Al-Baraka Banking Group

 

 

 
Tags: CBL Governor Saddek ElkaberfeaturedLFB General Manager Mohamed Ben YousefLFB Libyan Foreign Bank
Share10Tweet6Share2

Related Posts

Attorney General orders arrests at Jumhouria bank branch for embezzlement
Libya

Members of illegal organizations given imprisonment and death sentences by Misrata Criminal Court

May 30, 2023
State recognised militia and Libyan Army clash in central Tripoli
Libya

State recognised militia and Libyan Army clash in central Tripoli

May 29, 2023
FDCC destroys non-conforming shipments of medicines, calls on suppliers to respect Libyan health standards
Libya

FDCC destroys non-conforming shipments of medicines, calls on suppliers to respect Libyan health standards

May 29, 2023
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

Tripoli Libyan government conducts drone strikes against criminal hideouts in western coast

May 25, 2023
AmCham Libya Networking Breakfast
Libya

US Embassy in Tripoli announces easing of visa protocol: One-year multiple entry visas now replace three-month single-entry visas

May 24, 2023
Ten former antagonists, now presidential candidates, including Hafter, Bashagha and Maetig gather in Benghazi
Libya

Bashagha suspended by HoR as eastern-based prime minister

May 19, 2023
Next Post
Aref Nayed re-launches Ihya movement and announces his candidacy for Libya’s forthcoming elections

Aref Nayed re-launches Ihya movement and announces his candidacy for Libya’s forthcoming elections

LCOG workshop on increasing private sector participation in Libya’s oil sector

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • State recognised militia and Libyan Army clash in central Tripoli

    State recognised militia and Libyan Army clash in central Tripoli

    241 shares
    Share 96 Tweet 60
  • HB Group opens Apple authorised I-Shop reseller in Tripoli’s Siyahia

    57 shares
    Share 23 Tweet 14
  • Members of illegal organizations given imprisonment and death sentences by Misrata Criminal Court

    54 shares
    Share 22 Tweet 14
  • Sirte Oil Company’s smart fields give it higher efficiency, more accurate real-time data for timely decisions

    46 shares
    Share 18 Tweet 12
  • GECOL supplies new equipment and spare parts for its stations and confirms ability to end power cuts

    45 shares
    Share 19 Tweet 11
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Benghazi Turkish Trade Exhibition postponed to 12-15 June

HB Group opens Apple authorised I-Shop reseller in Tripoli’s Siyahia

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    No Result
    View All Result
    • Login
    • Sign Up
    • Cart
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?